The One Big Beautiful Bill, signed into law on July 4th, made the Trump tax cuts from 2017 permanent.
While opposition leaders have made claims that these tax cuts benefited the wealthy, they really supported the middle segment of society and, most importantly, smaller firms.
According to the Small Business & Entrepreneurship Council (SBE Council) most recent  Small Business Check Up Survey, 71% of small business owners supported making the 2017 tax cuts package permanent, and a majority anticipated adverse effects if the bill had failed.
SBE Council President & CEO Karen Kerrigan thanked Congressional leadership and President Trump for delivering certainty at a critical time.
“Permanency is powerful, and will fuel confidence, investment and vigorous growth. Entrepreneurs and small business owners now have a green light to confidently move forward with investment and expansion plans, and strategies to better support their employees. This is a big win for the American economy and local economies across the nation.”
Additionally gleaned in the survey, two-thirds of small business owners (67%) rate the current business climate as excellent or good (20% rate it as average), and more than three-quarters (76%) are confident about their financial prospects for 2025.
Nearly half (49%) expect their finances to improve over the next six months, and over a third (38%) anticipate stability, indicating a broad positive financial outlook among small business owners.
Small business is the bedrock of the US economy. Smaller firms provide almost half of all jobs and tend to create the most new ones. If policymakers ignore this key sector of the economy, it undermines economic growth and wealth creation.
The SBE Council survey reveals that over half of small businesses (55%) report that limited access to capital is hindering their growth, and nearly half (46%) cite a lack of skilled workers as a barrier to operations.
At the same time, the SBE Council points to June data from the US Census Bureau, which shows that total business applications increased by 2.2 percent in June to 457,407.